Re: Expanded Role for Petrie Partners Announced

The sellers today into the demand for stock from shorts on this rumor of interest from WLL are asking what do JAG, CRZO and others know about the chances for refinancing debt over the next couple of years? If your buyer has to give you predominantly or all stock, how indebted is the buyer? CRZO got a 10% premium and JAG got a premium of 1.5% compared to its 30-day volume weighted average price as rumors of its deal caused its price to rise in anticipation thereof.

Watson and our board now face difficult comps and a smart journalist in San Antonio who is now thinking about the AXAS employment base and SG&A in relation to its production and revenue base. So, we're unch'ed on the day.